Unless you live in Europe or have commercialized a product in this region, you may not realize that the European pharmaceutical market is a huge contributor to global health, and it is currently undergoing market-wide changes. Here are a few key facts to know about Europe’s pharmaceutical markets:
- Europe’s population is more than double that of the U.S. More than 400 million people live in the European Union (EU), and almost 750 million people live in Europe.
- The EU is changing the market’s infrastructure to support innovation and address “market failures,” such as unmet needs in networks of regulators, health technology assessment (HTA) bodies and payers. The Pharmaceutical Strategy for Europe was launched in late 2020 with the goal of building a holistic, patient-centered, forward-looking pharmaceutical landscape for all EU member countries and patients.
- Europe is playing a key role in fighting COVID-19 and driving drug innovation. The European Commission pledged more than €1 billion to the global COVID-19 response, of which €350 million went to coronavirus vaccine development, and clinical trials for 131 COVID-19 vaccines have taken place in Europe. In 2021 and 2020, more than 300 clinical trials took place in the EU.
Yet launching new pharmaceutical products in Europe remains daunting, as it involves complex navigation of service providers, price sequencing and the rich diversity of patient and healthcare provider populations. As a result, industry experts are asking themselves:
- How do we remove barriers to commercialization in Europe?
- How do we enable better patient access?
- How do we enable more successful launches?
EVERSANA is answering these questions with a holistic approach to commercialization in Europe. The launch of COVID-19 vaccines in Europe proved that launching holistically is possible, and it still is with a single-point of contact and commercialization partner. The pandemic was a catalyst for change, and here are four more reasons why the European market will continue to evolve and how manufacturers can adapt to these changes to successfully launch and commercialize products in the European market.
- The European Medicines Agency is leading the charge on market authorization and authorization of clinical trials in the European Union. Most clinical trials have a European component to them, but collaboration seems to stop after market authorization has been granted and pharmaceutical companies launch their drugs in U.S. and not Europe. Innovation must move past clinical development and into European commercialization.
- The COVID-19 vaccine approval and distribution in Europe demonstrated that Europe can work as a single market. As a result of the holistic distribution of COVID-19 vaccines, patient access was the same in smaller European countries, such as Malta and Ireland, as it was for megamarkets, such as France and Germany; and the price of vaccines was the same across the European Union. This example demonstrates how a single-market model could work for pharmaceutical markets in Europe to improve patient access to life-changing medications.
- Innovation is moving from medication development to biotech, but biotech isn’t necessarily moving to Europe. Often, the biotech community commercializes a drug in the U.S. rather than in Europe. Commercializing in Europe requires a massive infrastructure with expertise in regulations for each member country in the EU. Biotech companies, especially smaller ones, need a way to commercialize without building from the ground up the infrastructure required.
- The Pharmaceutical Strategy for Europe is striving to develop a competitive industry that delivers for patients, embraces digital transformation and is driven by technological advances such as artificial intelligence. The Plan states: “We need well-functioning international supply chains and a well-performing single market for pharmaceuticals, through an approach that covers the entire life cycle of pharmaceutical products, from production to distribution, consumption and disposal.”
Launching in EU With EVERSANA
“I personally think that our industry is devoid of innovative new business models — but not when it comes to EVERSANA,” said Paul Simms, Chief Executive at Impatient Health, in a recent webinar. “They are making drug commercialization a reality where otherwise it wouldn’t be by partnering with late-stage molecules and doing a risk-share model in getting those treatments to the market. They share in the commercialization, thus lowering the upfront costs and, in my opinion, potentially changing the paradigm of drug launch altogether.”
If you think launching in Europe is complex, you’re right; but making a profit in this region is possible, and launching here is the only way your product will reach its full value potential. As the EU focuses on the future of pharma, manufacturers can get past the barriers of commercializing in Europe with the EVERSANA™ COMPLETE Commercialization model. EVERSANA COMPLETE is a ready-to-deploy, high-performance commercialization and distribution option that can be customized for individual product and patient needs.
EVERSANA employs a team of over 6000 professionals across 20+ locations around the world. From industry-leading patient service and adherence support to global pricing and revenue management, our team informs the strategies that matter…